Up 2,500 points this month

The market is back in full swing and we have been rewarded handsomely. In the last 24 hours I have had some nice gains and I am on track to another good month.

Perseverance goes a long way in this business. I started out this month from behind after  losing 4 trades in a row and digging myself into a small hole. I continued to execute my plan and manged to make back my losses and then some. I have also brought my batting average back to a respectable level.

The best way to pull yourself out of a losing streak is to have amnesia when you approach new positions. You got to forget about the last trade and how much you made or lost and move on to the next trade. Every trade is different and you do not want your emotions spilling over to the next trade. This allows you to stay focused and execute your plan based on what you see is happening instead of your emotions taking over and dictating what you do.

Risk to Reward

I have been so busy this week that I have not been able to trade my personal account much. But here is an update of where I am at as we approach the middle of the month.

If you notice my batting average has suffered severely because I have not been able to pay as much attention to my positions. But because I maintained a solid risk to reward on each position I have still been able to see consistent results. Stay Tuned!

GBP/CAD Trade Update

We have officially hit TP1 on our long GBP/CAD position. Our next target is at the 200MA on the daily chart Stay Tuned!

GBP/CAD Daily Buy Setup

Ok it looks like GBP/CAD wants to play ball traders. Remember to wait for confirmation and not to jump the gun. Our entry at this point is at 1.56807 with our stop-loss  below the bottoming tail at 1.55602. Since we are looking to risk 121 pips you should be looking to take profit at the prior high for TP1, & to the 20 MA on the weekly for TP2. With our last lot we will allow the chart to take us out of the trade by trailing either bar by bar pivot by pivot or by trailing a moving average. It is up to you to determine which trailing technique is best suited for the circumstances. Now remember since you are getting in the trade a little late you have to ask yourself is the risk to reward inline with my trading plan. If yes take the trade, if not pass on the trade because there will always be other opportunities. Stay tuned!